Will I get the £50 voucher from Santander?

ConsistentlyLost

Hi Folks!

I noticed today looking at my old Isa that the money has left the account so I assume the transfer to Santander is complete as I'm still waiting for a login for online banking access with them. I was looking at the terms today though that has me second guessing whether or not I will get the £50 incentive from them that says about doing a full transfer from the existing non Santander isa. Does this mean I should have requested that they transfer all money over from my existing isa? I had 20k in there and I only transferred the minimum of 10k over for the qualifying amount for the £50 voucher. It's got me concerned I may not get that now.

TIA

refluxer

Only full transfers qualify for the voucher - partial transfers don't unfortunately, even if they're for £10k+.

It's one of the first stipulations mentioned in the offer T&Cs...

2. Eligibility

To qualify for the ISA Transfer Offer and the Voucher Payment the following eligibility criteria apply:

2.1 You need to have provided us with an instruction to transfer in the full balance you hold in an existing cash or stocks and shares ISA held with an ISA manager that is not us or Santander ISA Managers Limited

ConsistentlyLost

refluxer said:

Only full transfers qualify for the voucher - partial transfers don't, unfortunately.

It's one of the first stipulations mentioned in the offer T&Cs...

2. Eligibility

To qualify for the ISA Transfer Offer and the Voucher Payment the following eligibility criteria apply:

2.1 You need to have provided us with an instruction to transfer in the full balance you hold in an existing cash or stocks and shares ISA held with an ISA manager that is not us or Santander ISA Managers Limited

Yep, my mistake! I will live and learn.

jimjames

Can you transfer the remaining money and get the incentive? Transfer will then be a full one?

refluxer

That's actually a very good point - if you've still got £10k in the original ISA then you might still qualify if you transfer in the remaining full balance. At least I can't see anything in the offer T&Cs that suggests that a second, full-balance transfer wouldn't count. I can't speak from experience though as I've only ever transferred in the full balance of one ISA to get my voucher, so I can't guarantee that this will work.

If you did want to try it then, to play it safe, you'd probably want to make sure that the first transfer has gone through and been successfully received before requesting the second because there's a chance that having two transfers going through at once from the same ISA might confuse things as far as the offer goes. Note that transfer requests must be received within 14 days of account opening, though.

ConsistentlyLost

It will be 2 weeks this Friday since the account was opened. The first transfer completed last Thursday. Do you think if I requested a transfer today for the remainder of the money that it will go through within the 14 day window?

Also is there a particular option in the transfer request that I should choose when it asks

- I will transfer money from an account in my name

- I will not be depositing new savings

- Other

Last time I chose the first option and it gave me the field of specifying the amount.

Tia!

refluxer

ConsistentlyLost said:

It will be 2 weeks this Friday since the account was opened. The first transfer completed last Thursday. Do you think if I requested a transfer today for the remainder of the money that it will go through within the 14 day window?

Also is there a particular option in the transfer request that I should choose when it asks

- I will transfer money from an account in my name

- I will not be depositing new savings

- Other

Last time I chose the first option and it gave me the field of specifying the amount.

Tia!

Santander just need to receive the request within 14 days of account opening so it doesn't matter if the transfer takes longer, although the funds do need to be accessible within 30 days (which won't be a problem if its an easy access/maturity ISA). I submitted my transfer request a day before the 14 day deadline and it all went through fine in 2-3 days.

I thought the options you mentioned were only presented to you when opening the account ? They would be unnecessary when applying for an ISA transfer.

Opening a new fixed rate ISA from scratch might actually be another option, although I'm not sure whether it would necessarily offer any advantages over making a second transfer into the existing account, other than you could take them out for different durations if you wanted.

I'll just reiterate that I can't guarantee what you're doing will work but, having read the offer T&Cs, I personally can't see any obvious reason why it wouldn't.

ConsistentlyLost

Okay I've applied for the remainder of the money from my virgin isa to transfer to Santander so I will wait and see!

ConsistentlyLost

I received an email from Santander yesterday with my code for the £50 voucher! I can only assume this is from the initial transfer because the second one is still in progress. Either way I'm very chuffed 🙂

refluxer

ConsistentlyLost said:

I received an email from Santander yesterday with my code for the £50 voucher! I can only assume this is from the initial transfer because the second one is still in progress. Either way I'm very chuffed 🙂

You must have slipped through the net !

badger09

refluxer said:

ConsistentlyLost said:

I received an email from Santander yesterday with my code for the £50 voucher! I can only assume this is from the initial transfer because the second one is still in progress. Either way I'm very chuffed 🙂

You must have slipped through the net !

I suspect that net has more holes than a sieve. 

I opened 2 new FRISAs with Santander on 6 April & requested 2 x £10k xfers from my VM Exclusive Flex ISA, leaving approx £2k balance. Despite the long Easter weekend, 1st lot was credited 13 April & 2nd lot 14 April. Excellent!
Because of T&Cs, I didn’t expect any £50 voucher. To my delight, I received 2 emails yesterday, each containing access code to claim my voucher.